Vitafoam Profit up 67%, offers N246m Dividend | Independent Newspapers Limited
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Vitafoam Profit up 67%, offers N246m Dividend

Posted: May 4, 2015 at 1:34 am   /   by   /   comments (0)

By Bamidele Ogunwusi Lagos

Despite the harsh operating environment, a frontline manufacturer of flexible, reconstituted and rigid foam, Vitafoam Nigeria Plc  has proposed a dividend of N246 million, translating into 30 kobo per share in addition to a bonus share of one for every five Ordinary Shares held by each shareholder as rewards from the company’s outstanding performance in its current (2014) financial year.

By the company’s financial performance, it posted an after tax profit of N659 million in the current year as against N395 million recorded in the previous year, the company had an increase of 67 per cent.

In what symbolizes   a robust shareholder value, the company grew its earnings per share (EPS) by 69 per cent by posting an EPS of 81 kobo per share in the current period compared with 48 kobo per share in the previous year.  These heartwarming news would be endorsed by the company’s shareholders on June 4, 2015 at the annual general meeting when the Chairman, Dr Bamidele Makanjuola would present the score card.

The strong financial performance has been submitted to the Nigerian Stock Exchange.  Expectedly, investors are already jostling for the company’s shares on the Nigerian Stock Exchange, thus leading to steady appreciation of the share price.